Cairn Energy trims stake in Cairn India

Edinburgh-based oil and gas giant Cairn Energy has sold a 3.5 per cent interest in Cairn India, the group announced on Friday.

Cairn said that shareholders authorised the board at its general meeting in May to dispose of all or part of its residual interest in its Indian oil subsidiary.

It has completed an on-market sale of 67m shares in the division for a consideration of $360m "which will be used to help fund Cairn's stated strategy and provide greater operational flexibility."

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According to market reports, the proceeds will be used to support Cairn's recent spate of acquisitions.

Following the transaction, the group retains an 18.3% shareholding in Cairn India.

BC